Coinspeaker Staking Platform Kiln Brings LST Restaking on EigenLayer via Ledger Live
Kiln, an institutional crypto staking platform has announced the introduction of Liquid Staking Token (LST) on EigenLayer via Kiln’s Ledger Live dApp. According to Kiln, this is the first time that over 1.5 million users of the hardware wallet manufacturer will be allowed to restake on blockchain protocol EigenLayer directly within the dedicated interface.
Ledger Customers Enjoy Perks of Integration
This integration comes with several perks including clear-signing via Kiln’s Ledger Nano plugin that was reviewed by Ledger’s security team. For context, clear-signing is a method of signing blockchain messages or transactions in such a way that the signed content can be read and verified by humans.
“We’ve made the process straightforward, so it should take anyone less than a minute to get rewarded,” Kiln Co-Founder and CEO Laszlo Szabo said.
Ledger VP of Consumer Services Jean-Francois Rochet was clear on the vision of the firm. He described it as an open platform with the best third-party service providers in the ecosystem. Furthermore, he acknowledged that the introduction of LST staking through Kiln provides Ledger customers with more avenues to interact with their digital value.
Users who deposit LSTs into EigenLayer can accumulate EigenLayer restaking points and Actively Validated Service (AVS) rewards.
EigenLayer is a Decentralized Finance (DeFi) protocol that is focused on providing restaking services for Ethereum (ETH). It allows users to deposit and “re-stake” Ethereum from different LSTs with a plan to allocate those funds to secure third-party networks or AVSs. Data from DeFiLlama states that since 2023 when EigenLayer began to accept deposits, it has accumulated a total of $18 billion in Ethereum to secure various protocols.
Consensus protocols, oracle networks, and data availability platforms are some of the AVSs that have benefited from the restaking protocol’s security. The AVS mainnet launch took place on April 9 and since that time, Kiln says it has been an operator on EigenLayer and is currently operating all mainnet AVSs. Claims for the first season of EigenLayer’s native tokens started on May 10.
Users started delegating tokens to EigenDA AVS operators, but the tokens are non-transferable until the end of the third quarter.
Multiple Projects Utilize EigenLayer Protocol
It is worthy of note that since it went live on the Ethereum mainnet last month, a handful of protocols have adopted its offering. Top cryptocurrency trading platform BIT Exchange launched EigenLayer Points (ELP)/USDT trading on the spot market on its Points Program system. This move drove an uproar in its ecosystem as the firm became the first centralized exchange to offer a market for purchasing EigenLayer Points ahead of the Token Generation Event.
Coinbase Cloud equally announced its participation as one of the initial operators on EigenLayer and declared its readiness to partner with users interested in restaking their ETH or LSTs. Similarly, Sam Padilla, product manager at Google Cloud, shared the news that the Google Cloud EigenLayer mainnet operator is up and running.
Considering how much engagement the blockchain restaking protocol has registered in this short while, EigenLayer might record more collaboration and utilization of its services in the future.
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Staking Platform Kiln Brings LST Restaking on EigenLayer via Ledger Live
